The Competition and Consumer Legislation Amendment Bill 2011 has been re-introduced into Parliament, after it lapsed when the last election was called (Background).
The Bill will amend section 50 of the Competition and Consumer Act 2010 which deals with creeping acquisitions.
The Bill will also simplify the unconscionable conduct provisions of the Australian Consumer Law and the Australian Securities and Investments Commission Act 2001. It will also remove the distinction in the existing provisions between unconscionable conduct that affects businesses and that which affects consumers.
The acquisitions changes will commence no later than two months after the Bill receives Royal Assent and the changes to the unconscionable conduct provisions will commence on the later of either the day the Bill receives Royal Assent or 1 January 2012.